Will SpaceX, Anthropic, and OpenAI IPO Steal All Liquidity From Crypto?

SpaceX officially launched its IPO on June 11, 2026, targeting $135 per share and a $75 billion raise, with roughly 30% of shares, around $22 billion worth, reserved for retail investors.

That retail tranche is not an accident of corporate generosity. It is aimed squarely at the same demographic that has been buying Bitcoin, meme coins, and crypto ETFs for the past three years. And analysts are now saying it plainly: that capital has to come from somewhere, and right now, that somewhere looks like the crypto market.

Spencer Hallarn, GSR’s Global Head of OTC Trading, put it bluntly in a Reuters interview: “Crypto is a funding currency for a lot of this. We’ve got to find $75 billion for this IPO, and it’s got to come from somewhere.” Bitcoin liquidity, it turns out, is a convenient ATM when something shinier appears on the horizon.

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The $240 Billion Problem: What the Capital Absorption Figure Actually Tells You

Think of the global risk-on capital pool like a tank of water feeding multiple faucets, crypto, tech stocks, leveraged ETFs, and now mega-IPOs all draw from the same supply. When a new faucet opens at $75 billion, the pressure everywhere else drops.

That is the mechanism behind what analysts are calling a capital rotation, and the SpaceX IPO is only the first valve.

The combined pipeline from the SpaceX IPO, the anticipated OpenAI IPO, and the expected Anthropic IPO is projected to absorb more than $240 billion in capital by year-end, according to CoinDesk analysis cited by Binance Square.

BREAKING: SpaceX’s IPO is expected to create 4,000 new millionaires, including some cafeteria workers whose compensation packages include employee stock options, per Bloomberg.

— unusual_whales (@unusual_whales) June 10, 2026

To put that in perspective, Binance Square notes this figure exceeds 60% of the total global stablecoin market cap, meaning a significant chunk of the fiat pipeline that normally flows into crypto could be redirected into these three listings alone.

The $75 billion SpaceX figure is the immediate pressure point. A BNP Paribas note cited in CNBC coverage projected up to $50 billion in retail liquidations across crypto, semiconductors, and leveraged ETFs just to fund the SpaceX allocation.

This SpaceX IPO liquidity explainer on 99Bitcoins breaks down exactly why crypto sits in the crosshairs. What the $240 billion figure does not tell you is that this capital is gone permanently, it tells you it is temporarily occupied, and where it goes after the IPO lock-up expires matters just as much as where it came from.

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